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Time to agree a fair code for insurance


The insurance industry has had on-going criticism from ABTA, and the Travel Agents’ Council in particular, regarding the proposals put forward at the end of last year by the General Insurance Standards Council.



However, I can’t help feeling both groups don’t see what GISC is trying to do.



This is not a question of a final attempt at self-regulation, but bringing together a diverse industry under a sound code of practice that seeks to offer the best service for the consumer.



Infighting and accusations that the insurance industry is out for its own ends are unhelpful.



GISC is more likely to listen if we speak as a united voice. In October last year, GE Financial Insurance conducted research in the travel industry to gauge its thoughts about the initial GISC proposals.



While a strong majority agreed the need for greater regulation, some 60% felt that the travel industry had not been consulted closely enough. It was clear that the intended cascade of information from GISC hadn’t worked; indeed, our research revealed that not one of our travel clients had been contacted by GISC.



GEFI hosted a client forum in December to discuss GISC’s second consultation document with stakeholders representing all sides of the general insurance industry, including travel.



In a frank discussion, a number of areas of concern were raised and on behalf of all those present, GEFI presented these issues directly to GISC.



GEFI has also recently accepted a position on the GISC’s travel working party, and will be happy to listen to any reader’s view.



As a result of the feedback, GISC is postponing its implementation. The areas of concern raised must be addressed, including those that ABTA view as impractical.



It is impractical for ABTA to seek a different set of rules for travel. One thing is certain – and it is that regulation never retreats. We must all work together to ensure a fair code of practice.



Chris Harrison



Head of sales and new business development



GE Financial Insurance


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